RCA in the commercial property press:

CommonWealth REIT Buying NOLA's Tallest Skyscraper

Wall Street Journal reports: CommonWealth REIT of Massachusetts has agreed to buy New Orleans's tallest skyscraper, One Shell Square, from MetLife for $107 million.

The real estate investment trust has spent more than $2 billion scooping up dozens of office buildings through the downturn, making it one of the biggest buyers of US office properties in this cycle, according to Real Capital Analytics. Among its other deals: Earlier this year it paid $171 million for Office Depot Inc.'s headquarters in Boca Raton. Commonwealth's operations are managed by Reit Management & Research LLC, owned by Barry and Adam Portnoy.

In the New Orleans deal, CommonWealth is paying approximately $85 per square foot. At the market's peak, some New Orleans office properties sold at a price as high as $200 per square foot.

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Posted by: Matthew Stone

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